28 February 2023

1 minute read

By: Global Ag Media

North America

Chicago Mercantile Exchange (CME) live cattle futures eased on Monday, with a mild round of profit-taking pulling prices from eight-year highs, reported Reuters. 

But concerns about tight supplies limited the selling.

Hog futures also were weaker, pressured by a government report that showed robust stocks of pork.

Thinly traded February live cattle futures dipped 0.2 cent to 165 cents per pound after reaching 165.675 cents, the highest for the front-month contract since January 2015, on Friday.

Most-active April live cattle closed 0.4 cent lower at 164.975 cents per pound but set a contract high of 166.400 cents during the session.

Wholesale boxed beef prices were mixed. Choice cuts were priced at $286.96 per cwt on Monday morning, down 32 cents from Friday, according to US Department of Agriculture (USDA) data. Select cuts rose $1.97 to $279.05 per cwt.

CME March feeder cattle futures settled 0.1 cent higher at 189.175 cents per pound. The front-month contract hit its highest since November 2015 during the session.

CME April lean hogs ended 1.3 cents lower at 84.725 cents per pound, while June hogs dropped 1.375 cents to 102.1 cents.

USDA said on Friday afternoon that pork belly stocks as of Jan. 31 stood at 70.134 million lbs, 57% higher than a year earlier.